Mr and Mrs are a couple living in Stoke-on-Trent. Mr is self-employed and owns a pest control business, and Mrs is retired with a state pension.
Area: Stoke-on-Trent
Capital Raised: £210k
Mr and Mrs are a couple living in Stoke-on-Trent. Mr is self-employed and owns a pest control business, and Mrs is retired with a state pension. After moving out of their previous residence, the couple lived with the family and sought a bridging loan to facilitate their next property purchase.
The clients successfully bid for a new property at an auction of £237,000. They required a net loan of £210,000, secured against the newly acquired property and their previous residence, valued at £460,000. Their goal was to move closer to family, as Mrs felt isolated in their prior location. Since they had already exchanged contracts, they needed to complete the purchase to avoid losing their deposit.
The primary challenge was securing financing within a tight three-week timeframe. Initially, they had applied for a buy-to-let mortgage with The Mortgage Works (TMW) through a broker. However, their application was declined because their previous property was adjacent to a commercial storage facility, which TMW deemed unsuitable for lending. This left them with limited options and an urgent need for funding fast…
To address their financial needs, a Fast Track Bridging Loan was arranged. The key terms of the loan included:
The clients chose a Fast Track Fixed-Rate Bridging Loan to ensure predictable costs. They planned to repay the loan by selling their previous residence, with a secondary option of securing an older life mortgage or a buy-to-let mortgage if necessary.
The loan application process was expedited due to the urgent nature of the transaction. The following steps were taken:
Conclusion:
This case study highlights the effectiveness of bridging finance in overcoming time-sensitive property transactions. The clients ‘ case demonstrates how a well-structured loan and a clear repayment strategy can provide essential financial support when conventional mortgages are not an option within a tight deadline.
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